More than 80 percent of Americans agree that most people need life insurance to protect loved ones from experiencing financial loss; so, why is it that 40 percent of Americans haven’t purchased life insurance or explored more protective plans?
Life insurance may not be on everyone’s radar, but for most, it should be; according to a 2016 Insurance Barometer Study by LIMRA and Life Happens, every one in three households would struggle to pay for living expenses if the primary earner died.
To make sure Americans recognize the need to have life insurance, Rafail Insurance Group joins more than 100 of the nation’s leading insurance companies and industry groups in educating citizens during September’s Life Insurance Awareness Month.
The peace of mind and incredible source of financial security life insurance offers grieving families is priceless.
As families have fewer financial resources than in the past, now is more important than ever to ensure that your life insurance coverage is enough to protect your family. If you’re not sure if your coverage is adequate, consider this: LIMRA and Life Happens found that 40% of Americans don’t possess adequate life insurance coverage.
What is life insurance used for, exactly? These are the top three reasons Americans purchase a life insurance policy:
- Cover burial and final expenses (91%)
- Assist with lost wage replacement (66%)
- Transfer wealth (63%)
Given the importance of life insurance, what could be causing the reluctance to purchase a policy? Here are a few possibilities:
- Not knowing how much insurance to buy.
- Prioritizing other financial obligations.
- Uncertainty about pricing – most consumers estimate the price of life insurance to be more than three times its actual cost!
If you’re unsure about the security of your life insurance plan or are looking to purchase a new policy, seek advice from a qualified insurance professional. There are several types of policies available, such as Term Life Insurance, Whole Life Insurance, Universal Life Insurance, and more, and we are happy to help you navigate your choices.
As of today, Rafail Insurance Group is ranked the #21 Life Insurance Agency in the country out of nearly 13,500 Farmers agencies.
If you have a family, debts, a business, or care to leave a legacy with tax benefits, you should consider
reviewing your life insurance with Rafail Insurance Group.
We’ll get you the help you need to ease you and your family’s minds in the event of tragedy. Life happens. Are you prepared? Please contact Rafail Insurance Group at (713) 429-1790 for more information on how life insurance can protect you and your family.